Khaleeji Commercial Bank (KHCB) in Bahrain, Token.io Partner to Develop an Open Banking System
As one of the crypto friendly countries in the world, Bahrain, is slowly gaining the attention of blockchain based fintechs across the world. The Khaleeji Commercial Bank (KHCB), one of the top banks in Bahrain, announced its partnership with Token.io, a blockchain-based solutions company.
The partnership is set to provide clients with open banking services in compliance with the new laws and regulations put in place.
Speaking on the partnership with Token.io, the Deputy General Manager in the Support Services at KHCB, Mahdi Abdulnabi Mohammed, praised the ability and systems brought on board by Token.io. The company will benefit from the extensive and open banking systems provided by Token.io.
The blockchain company is licensed by the Central Bank of Bahrain (CBB) giving it legitimacy and integrates perfectly with the visions and goals of KHCB. Mahdi continued saying,
“[We are] able to integrate with licensed fintech companies to offer consolidated account information services under the open banking regulation.”
Tokein.io will be providing a decentralized network with pinpoint efficiency and security measures to ensure the open banking systems functions with high speed and efficiency. The bank aims to form a global network with fintechs around the world to provide its clients with better services and products including, personal financial management tools, cross boarder payments and account aggregation.
Developers will also benefit from the open banking system through peer to peer partnerships and development of blockchain based financial solutions.
Mahdi spoke on the overall benefits of the tokens which will push more customers towards the bank while providing them with the highest standards of service and product development. He said the blockchain company will provide the bank with a platform to develop the open banking architecture to provide efficient and fast services for their clients.
Finally the COO at Token.io, Todd Clyde was delighted with the latest partnership with KHCB. He further stated the two will work together to develop the open banking system in a bid to improve the user friendliness and provide efficient, fast and secure services to its clients. He concluded saying,
“The open banking market in Bahrain is moving quickly and our partnership is helping KHCB establish an early mover position.”